Homeownership Rate Hits Three-Year High

The U.S. homeownership rate reached 64.2 percent during the fourth quarter of 2017, up from 63.9 percent in the previous quarter and up from 63.7 percent one year earlier, according to data from the U.S. Census Bureau. This represented the highest homeownership rate level in three years.

The fourth quarter homeownership rate was highest in the Midwest (68.7 percent), followed by the South (65.8 percent), Northeast (60.6 percent) and West (60 percent). Homeownership was also higher among householders ages 65 years and over (79.2 percent) and lowest for Millennials (36 percent). For homeownership rates by race, non-Hispanic White householders reported a 72.7 percent rate, with Asian-Americans at 58.2 percent and African-Americans at 42.1 percent. Hispanic householders, who are not categorized as a race by the Census Bureau, had a 46.6 percent homeownership rate.

During the fourth quarter, approximately 87.8 percent of U.S. housing units were occupied and 12.2 percent were vacant. Owner-occupied housing units made up 56.4 percent of total housing units, while renter-occupied units made up 31.4 percent of the inventory in the fourth quarter 2017. Vacant year-round units comprised 9.3 percent of total housing units, while 2.9 percent were for seasonal use. Vacant units that were held off market comprised 5.3 percent of the total housing stock.